Most people make partner at age of 33-35 (they graduate at 23-25 and in 8-10 years, they become partner). Upon becoming partner, they are paid min 85L to 1 CR. Does this mean at age ranging from 36-50, they'll able to earn over 20 crores considering timely raise? Also, retiring at 55 with around 20 crores in bank account is great, isn't it?
If you make 2 crores - you have 1.4 left after tax. Now think House EMI, Vehicle EMI, Kids educations, Vacation, taking care of your parents- you aren’t saving more than 40-50 lakhs and that’s by being penny wise
In order to make 2 cr as a partner, you need to recover atleast 9 cr - assuming 3x and your salary+variable to be 2 cr, and your team cost as 1 cr. Have fun
lmfao, this is so ass. .why are people dying to be partners can someone remind me? Lawyers get paid pennies as compared to Engineers, MBAs or Doctors even after similar hours of work. What a shame.
Making partner is not guaranteed and will only become more tougher in the coming times as you can only have so many partners.
Once you make partner, how much you are going to earn, till you retire, will completely depend on how much business you can bring in. Also in your 20cr figure you are not considering a lot things, most annoying of which is taxes. So reduce your figure to close to 10 cr (because 30% goes away as taxes and 20% will go away as expenses, so 50% gone). The purchasing power of 10cr when someone, who is 23 today, becomes 50, will also most likely reduce to 3-4 cr. So start investing early and wisely!
Once you make partner, how much you are going to earn, till you retire, will completely depend on how much business you can bring in. Also in your 20cr figure you are not considering a lot things, most annoying of which is taxes. So reduce your figure to close to 10 cr (because 30% goes away as taxes and 20% will go away as expenses, so 50% gone). The purchasing power of 10cr when someone, who is 23 today, becomes 50, will also most likely reduce to 3-4 cr. So start investing early and wisely!